Dollar scales new height of Rs175

MG News | October 26, 2021 at 12:25 PM GMT+05:00

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October 26, 2021 (MLN): Continuing its downtrend, the Pakistani Rupee (PKR) has fallen to a new low of Rs175 against the US dollar (12:23 PST), weakening by 37 paisa in the intraday trade on Tuesday, backed by higher demand for the American currency that shattered the traders' sentiments.

In the previous session, the domestic currency had closed the trade at 174.43.

Expressing his views on the continuous slide, Asad Rizvi, the former Treasury Head at Chase Manhattan said, “Market needs a firmer direction. Traders are nervous and unsure about the next move, which is causing the high level of stress.”

There is no stopping to PKR's one-sided move. Players are unsure about the size of the next hike. Rebalancing of portfolio and mitigating financial losses is tough, he added.

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